Bitcoin could hit a bottom as soon as this week, according to BitMine chairman Tom Lee and Bitwise Asset Management chief investment officer Matt Hougan, as Bitcoin briefly dropped below $90,000, its lowest price in seven months.
During an interview on Monday with CNBC, Lee said crypto is suffering after the big liquidation event on Oct. 10, and traders are still nervous about whether the US Federal Reserve will cut rates in December.
“I think that’s all creating this downside pressure. But I think the good news is there are signs of exhaustion. I did speak with Tom Demar of Demar Analytics, and he thinks there are signs that would look like a bottom that could be occurring sometime this week,” Lee said.
Bitcoin (BTC) briefly fell under $90,000 on Tuesday, according to CoinGecko, a price last seen in April.
Earlier this week, crypto executives told Cointelegraph that the recent weakness in the cryptocurrency markets was due to a combination of factors, including outflows from exchange-traded funds, long-term sales by whales, and escalating geopolitical tensions.
Generational opportunity for long-term BTC investors
Hougan agreed that a bottom is incoming soon and also added that current price levels present a “generational opportunity” and a “gift for long-term investors.”
He also pointed to traders being nervous about the economy, artificial intelligence valuations, and US President Donald Trump’s tariffs as possible causes of the market pain.
“I think we’re nearing a bottom. I look at this as a great buying opportunity for long-term investors. Bitcoin was the first thing to turn over before this broader market pullback. It was sort of the canary in the coal mine signaling that there was some risk in all sorts of risk-on assets,” Hougan said.
“I think it’ll be the first thing to bottom and I agree with Tom. We’re getting very close to that point. So, I think it’s an exciting opportunity again for people who are looking out a year or more into the future.”
BitMine’s Lee predicts Bitcoin new high by year’s end
Bitcoin is currently trading at $90,718, and is down 28% from its all-time high of over $126,000, which it hit on Oct. 6.
Related: Ethereum starting on ‘same supercycle’ as Bitcoin: BitMine’s Tom Lee
However, Lee predicts that Bitcoin will regain all lost ground and record another new all-time high when a rally in the stock market pulls it higher later this year.
“Between now and year end, you know, I’m pretty bullish on stocks. You know, this sort of weakness in the first half of November was what we expected, but as markets rally, I think that’s going to help propel Bitcoin to an all-time high.”
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